Nigerian Ambassador Backs Saudi Efforts to Maintain Stability in Global Energy Markets

Lawal stands among Saudi officials, diplomats, and ambassadors in Riyadh on his country’s national day celebration two days ago. (Asharq Al-Awsat)
Lawal stands among Saudi officials, diplomats, and ambassadors in Riyadh on his country’s national day celebration two days ago. (Asharq Al-Awsat)
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Nigerian Ambassador Backs Saudi Efforts to Maintain Stability in Global Energy Markets

Lawal stands among Saudi officials, diplomats, and ambassadors in Riyadh on his country’s national day celebration two days ago. (Asharq Al-Awsat)
Lawal stands among Saudi officials, diplomats, and ambassadors in Riyadh on his country’s national day celebration two days ago. (Asharq Al-Awsat)

Nigerian Ambassador to Saudi Arabia Yahaya Lawal has expressed support to the Kingdom in its strategy that encourages the OPEC+ group to guarantee the global energy markets' stability.

He revealed that there are ongoing negotiations between the two countries on more than 12 agreements and MoUs to boost strategic ties and joint work.

In remarks to Asharq Al-Awsat newspaper, the ambassador said that Abuja and Riyadh - as OPEC members - maintain solid cooperation in favor of the global oil market. They work under the OPEC+ framework to maintain the stability of the market and to achieve a fair price.

Saudi Arabia and Nigeria are essential in terms of oil and share a strong partnership in preserving the oil market’s stability which is crucial to the global economy, he added.

OPEC data showed that Nigeria produced 1.18 million bpd in August.

12 Agreements and MoUs

Lawal remarked that both countries are holding talks over 12 agreements and MoUs as part of the Nigeria-Saudi Joint Commission.

He further noted that an agreement was previously signed between the chambers of commerce and industry in Saudi Arabia and Nigeria, and it would reinforce trade, economic, and investment cooperation.

Lawal stressed that the current talks are part of endeavors to boost cooperation in many fields, including energy, oil, gas, investment protection, avoiding dual taxation, transport, anti-corruption, money laundering and financial crimes, education, human trafficking, security and defense cooperation, and other sectors.

According to the Nigerian ambassador, the Saudi-Nigerian ties have elevated remarkably in various fields in which some Saudi investors have launched investments in Nigeria, especially in real estate development and agriculture where the trade level is undergoing an uptrend.

Saudi Arabia's exports to Nigeria were $696.28 million in 2021, he noted, adding that the exports include petrochemical products and other finished goods.

For its part, Nigeria exports agricultural products, coal, and some household goods.

The ambassador went on to say that the bilateral trade is expected to boost in the coming period, highlighting that the positive change is obvious given that trade between both countries was low in the past years and was mainly focused on unofficial trade, especially during the Hajj season.

Lawal stated that Saudi Arabia and Nigeria share a long history of ties that goes back centuries before the foundation of both countries. Nigerians used to head to the Kingdom to perform Hajj and for commercial purposes.

He said he looks forward to the business community in both countries unlocking the available opportunities in investment and commerce in Nigeria.

Moreover, he pointed out that there are abundant joint features on which both countries are working, amid new initiatives of mutual interest.

Lawal clarified that Nigeria has a population of more than 220 million and they represent a huge production force, concluding that his country enjoys huge potentials and various resources, as well as investment-friendly laws.



Saudi Arabia Makes History with Adoption of Riyadh Treaty on Design Law

Photo of the Riyadh Diplomatic Conference on the Design Law Treaty (Asharq Al-Awsat)
Photo of the Riyadh Diplomatic Conference on the Design Law Treaty (Asharq Al-Awsat)
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Saudi Arabia Makes History with Adoption of Riyadh Treaty on Design Law

Photo of the Riyadh Diplomatic Conference on the Design Law Treaty (Asharq Al-Awsat)
Photo of the Riyadh Diplomatic Conference on the Design Law Treaty (Asharq Al-Awsat)

Saudi Arabia has made history by uniting the 193 member states of the World Intellectual Property Organization (WIPO) to adopt the Riyadh Treaty on Design Law. This landmark achievement, realized after two decades of deliberation, underscores the Kingdom’s leadership in enhancing the global intellectual property system.

The announcement came at the conclusion of the Riyadh Diplomatic Conference on the Design Law Treaty, a rare event for WIPO, which has not held a diplomatic conference outside Geneva for more than a decade. It was also the first such event hosted in Saudi Arabia and the Middle East, representing the final stage of negotiations to establish an agreement aimed at simplifying and standardizing design protection procedures across member states.

Over the past two weeks, intensive discussions and negotiations among member states culminated in the adoption of the Riyadh Treaty, which commits signatory nations to a unified set of requirements for registering designs, ensuring consistent and streamlined procedures worldwide. The agreement is expected to have a significant positive impact on designers, enabling them to protect their creations more effectively and uniformly across international markets.

At a press conference held on Friday to mark the event’s conclusion, CEO of the Saudi Authority for Intellectual Property Abdulaziz Al-Suwailem highlighted the economic potential of the new protocol.

Responding to a question from Asharq Al-Awsat, Al-Suwailem noted the substantial contributions of young Saudi men and women in creative design. He explained that the agreement will enable their designs to be formally protected, allowing them to enter markets as valuable, tradable assets.

He also emphasized the symbolic importance of naming the convention the Riyadh Treaty, stating that it reflects Saudi Arabia’s growing influence as a bridge between cultures and a global center for innovative initiatives.

The treaty lays critical legal foundations to support designers and drive innovation worldwide, aligning with Saudi Arabia’s vision of promoting international collaboration in the creative industries and underscoring its leadership in building a sustainable future for innovators.

The agreement also advances global efforts to enhance creativity, protect intellectual property, and stimulate innovation on a broader scale.

This achievement further strengthens Saudi Arabia’s position as a global hub for groundbreaking initiatives, demonstrating its commitment to nurturing creativity, safeguarding designers’ rights, and driving the development of creative industries on an international scale.

The Riyadh Diplomatic Conference, held from November 11 to 22, was hosted by the Saudi Authority for Intellectual Property and attracted high-ranking officials and decision-makers from WIPO member states.